New Delhi, May 26 (KNN) India is developing as a global front-runner in clean energy investment, exceeding spending on fossil fuels, as the country accelerates its transition towards sustainable energy solutions, said the International Energy Agency (IEA) on Thursday.

According to the agency’s latest report, of the projected USD 2.8 trillion global energy investment for 2023, more than USD 1.7 trillion is expected to be allocated to clean technologies.

It includes renewables, electric vehicles, nuclear power, grids, storage, low-emission fuels, efficiency improvements, and heat pumps.

In contrast, investments in coal, gas, and oil are estimated to amount to slightly over USD 1 trillion.

India’s robust clean energy industry is experiencing remarkable growth, with solar investments taking centrestage.

The IEA report emphasizes that solar power is poised to overtake investments in oil production for the first time, underscoring India’s commitment to renewable energy sources.

Highlighting India’s achievement in clean energy, IEA executive director Fatih Birol said, “Clean energy is moving fast – faster than many people realise. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels. One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.”

Furthermore, India’s proactive policy support, including favourable regulations and incentives, has played a pivotal role in attracting significant investments, said Birol.

While India leads the way in clean energy investment, the IEA report highlights the need for global efforts to ensure equitable and widespread clean energy transitions.  (KNN Bureau)